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ICICI Direct Report
The hotel sector reported a healthy improvement in occupancy post the second wave. While Q2 FY22 witnessed a sharp rebound in revenues (up 120.3% QoQ) on a lower base, we expect a further recovery in revenues during Q3 FY22E supported by healthy festive season travel demand.
There has also been some cut down in discretionary business travel due to emergence of new Omicron variant.
Leisure travel has largely remained unaffected till December 2021 and no major cancellations have been witnessed so far. However, the enquiries for the next few weeks have come down and negative Covid-19 test requirements could disrupt the travel demand again in the Q4 FY22E.
International travel to and from India continues to be restricted to the special flights operated under Air Bubble arrangements.
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